Does the thought of buying renters’ insurance fill you with anxiety?

Many property management companies request that renters have coverage, but it’s not always easy to know which type of policy to buy.

Most people have a few questions related to which possessions the plan will cover and what to do in the event that you need to file a claim.

In the article below, you’ll find a few common questions that renters ask when purchasing insurance. Read on to find answers.

Does Your Roommate Need to Get Separate Renters’ Insurance?

It’s usually a good idea to get separate renters’ insurance plans for both you and your roommate. If you choose to get one plan, you may end up being responsible for your roommate’s claims.

In the event that your roommate has to make a claim on your shared plan, you could face a higher premium in the future.

The best way to stay in control of your coverage is to just get your own.

Does Renters’ Insurance Cover Natural Disasters?

Let’s say you live in a flood-prone area. You’re probably considering buying a policy to give you some peace of mind in case your basement or first-floor apartment floods.

The truth is that most renters’ policies do not, in fact, reimburse you for damages caused during a flood. Most policies don’t provide coverage for earthquakes either.

Renters’ insurance will, however, usually cover damage from windstorms and lightning damage. Be sure to ask your agent if you’ll need to purchase additional coverage for other natural disasters.

Will Renters’ Insurance Cover My Pets?

When you’re shopping for renters’ insurance, you may find that some companies won’t even allow you to get coverage if you own a dog.

You may have to shop around to find a pet-friendly policy. People who do own pets should look for plans that provide coverage for dog bites. If your dog bites someone, you could avoid having to pay for the person’s medical bills.

How Much Coverage Do I Need?

The first thing you need to do when buying renters’ insurance is to add up the costs of all the different possessions in your rental property.

Think about your most expensive items, like your laptop, television, and other electronics. When buying coverage, just be sure to get enough coverage to cover the total cost of all your possessions.

Your insurance company will reimburse you for the estimated value of your possessions, but only if you’ve got enough coverage.

Reviewing Common Questions About Renters’ Insurance

Whether you’re looking for homeowners’ or renters’ insurance, you should always shop around to find the plan that fits your specific needs. If you have roommates or a pet, you’ll want to pay special attention to the differences between plans.

If you want to learn more about renters’ insurance, get in touch with the experts at Bicknell Insurance.